We just closed on yet another HAFA Short Sale in West Orange NJ. And this one was not easy!
There were two short sale banks involved; the first mortgage was with GMAC, the second with Chase. Nearly $400,000 was owed to the two short sale lien holders, so we had twice as much work to do to get this West Orange NJ short sale approved.
The Buyer of this West Orange mother-daughter originally offered $150,000, cash. I had comparable sales to support this offer, but the valuation came in higher, so we had to dispute the value and negotiate with GMAC’s short sale department.
We now had to seek approval from the second lien holder, Chase. Since this was a HAFA Short Sale, the first lien holder (GMAC) offered the junior lien holder (Chase) 6% of the unpaid principal balance. Luckily, Chase participates in the HAFA Short Sale Program, so we were able to get Chase’s Short Sale Approval as well (Note: You can check to see if your mortgage servicer participates in HAFA).
Getting this West Orange, NJ HAFA Short Sale approved was very rewarding for me. My seller client got the financial relief she was looking for and got out from underneath her upside down mortgage on her West Orange, NJ home; she even got a $3,000 relocation assistance check at the closing to help her with her moving expenses. And the buyer of this West Orange NJ Short Sale got a great home at a terrific price.
What’s not to like about HAFA Short Sales!?
If you have a question about HAFA Short Sales, feel free to call me at (917) 518-7861 or contact me via my website.